Nifty moves past 6300; realty, capital goods, oil & gas gain - Economic Times

MUMBAI: The Nifty began the week on a positive note led by gains in realty, capital goods and oil & gas taking cues from the Asian peers. According to analysts, the market is likely to remain rangebound in the near term with stock-specific action.

At 09:30 a.m.; the 50-share index was at 6,300.90, up 26.65 points or 0.42 per cent. It touched a high of 6,310.25 and a low of 6,266.95 in trade today.

The S&P BSE Sensex was at 21,173.17, up 93.45 points or 0.44 per cent. It touched a high of 21,207.89 and a low of 21,080.54 in trade today.

"Considering the hourly chart structure along with the positive placement daily momentum oscillators, we expect the Nifty to retest 6,350 - 6,415 if it manages to sustain above 6,285 level. On the flipside, the 'Bearish Engulfing' pattern formed during the previous week is still intact. Hence, last week's low of 6,129 is now a crucial support for the index," said Angel Broking note.

"Any sustainable move below this level would trigger significant pessimism in the market. In this scenario, we expect the index to slide towards the strong support zone of 6,050 - 5,970 levels. The coming week is likely to trade with low volatility on account of lack of participation from the FIIs," the report added.

The S&P BSE Midcap Index was up 0.37 per cent and the S&P BSE Smallcap Index gained 0.41 per cent.

Among the sectoral indices, the S&P BSE Realty Index was up 0.94 per cent, the S&P BSE Capital goods Index was 0.83 per cent higher, the S&P BSE Oil&gas Index advanced 0.72 per cent and the S&P BSE Bankex gained 0.43 per cent.

The Nifty gainers included Jaiprakash Associates (up 0.94 per cent), L&T (up 0.84 per cent), Bajaj Auto (up 0.84 per cent), Reliance (up 0.81 per cent) and Hindalco (up 0.80 per cent)

Tata Power (1.05 per cent), Infosys (0.48 per cent), Lupin (0.38 per cent), Coal India (0.14 per cent) and HDFC Bank (0.08 per cent) were among the gainers.

Shares of Infosys were down on profit booking after Director V. Balakrishnan resigned from the company. Mr. Balakrishnan headed Infosys BPO, Finacle and India Business Unit.

Shares of United Spirits fell after the Karnataka High Court annulled United Breweries Holding's sale of stake in United Spirits to Diageo. The High Court order has come in response to a winding-up petition filed by creditors against UBHL for dues of about Rs 600cr, which is pertaining to Kingfisher Airlines.

The market breadth was positive on the NSE with 742 gainers against 309 losers.

The foreign institutional investors bought shares worth Rs 990.19 crore while domestic institutional investors were net sellers worth Rs 247.95 crore on Friday as per the provisional data from the National Stock Exchange.

The Asian markets were moved higher following a rally on the Wall Street. All eyes were on China after the country's central bank sought to allay fears of a cash crunch on Friday, saying it has added $50 billion in three days to the interbank market.

The Hong Kong's Hang Seng index was up 0.67 per cent, South Korea's Kospi was up 0.73 per cent, China's Shanghai index moved up 0.38 per cent and the Japan's Nikkei was Taiwan Weighted advanced 0.70 per cent.

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